Never co-sign a loan. Never, ever ever.

Never co-sign a loan. Never, ever ever.

Just minutes ago I got a score watch alert. The auto loan I co-signed for my ex-girlfriend seven years ago went negative. It seems that she missed the very last payment and failed to tell me about it in time. I wish I could go back seven years ago and warn the younger version of me never to co-sign a loan for someone. Especially a girlfriend. I wish I had known back then all the information I know about credit now.

As it stands, my EQ score just plummeted 35 points. I was going to have a clear credit report by the end of the year, but now that is over and done with. My only option for a mortgage is going to be sub-prime and I won't be able to afford the interest. I feel like my dreams have just died.

Re: Never co-sign a loan. Never, ever ever.

I just got the score watch alert a few minutes ago so the credit union is already closed for the evening. I'm going to have to try contacting them tomorrow. This is a disaster. I had almost made it to freedom and she had to take the very last moment to screw me (and herself in the process.)

Re: Never co-sign a loan. Never, ever ever.

I would agree x1000 about never, ever cosigning a loan.

I would collect the pertinent information regarding the likely difference in the loan that you will get on your house. Then notify your ex that you intend to demand payment for the difference. If you keep a $200K house for a full 30 year mortgage, the difference between 4% and 5% will be $43,000. The difference betwwen 4% and 6% would be $89,000.

Re: Never co-sign a loan. Never, ever ever.

Ouch on the co-sign. We all learn the hard way.

It sounds like the loan was with a credit union, right? Are you still a member there? If so, I would hope that serious groveling on your part (including making that last payment) might be enough to make them pull back the reported late.

Re: Never co-sign a loan. Never, ever ever.

haulingthescoreup wrote:

Ouch on the co-sign. We all learn the hard way.

It sounds like the loan was with a credit union, right? Are you still a member there? If so, I would hope that serious groveling on your part (including making that last payment) might be enough to make them pull back the reported late.

Good luck! and keep us posted.

I'm hoping that the credit union will help me out, especially since I'm the co-signer not the primary on the loan. Somehow, she managed to stretch the loan out an extra year without penalty but she still managed to screw up the very last payment on it. The loan is now PIF, so I have that going for me. I'm sending out a GW letter in the morning and I'm going to call the CU in the afternoon to see if they can do something.

This is so frustrating, because my credit report would have been 100% clean by the end of the year and now this happens and I had absolutely no control over it. When I called my ex-gf to discuss it, she seemed completely unconcerned that she had just tanked my (and her) credit score.

Re: Never co-sign a loan. Never, ever ever.

lithium78 wrote:

haulingthescoreup wrote:

Ouch on the co-sign. We all learn the hard way.

It sounds like the loan was with a credit union, right? Are you still a member there? If so, I would hope that serious groveling on your part (including making that last payment) might be enough to make them pull back the reported late.

Good luck! and keep us posted.

I'm hoping that the credit union will help me out, especially since I'm the co-signer not the primary on the loan. Somehow, she managed to stretch the loan out an extra year without penalty but she still managed to screw up the very last payment on it. The loan is now PIF, so I have that going for me. I'm sending out a GW letter in the morning and I'm going to call the CU in the afternoon to see if they can do something.

This is so frustrating, because my credit report would have been 100% clean by the end of the year and now this happens and I had absolutely no control over it. When I called my ex-gf to discuss it, she seemed completely unconcerned that she had just tanked my (and her) credit score.

You probably gave her a reason to go have a glass of wine.

Chin up, I'm sure this will get resolved and hopefully serve as a lesson for others.

Re: Never co-sign a loan. Never, ever ever.

So it sounds like this was a 60 month loan originally, streched into a 72 month loan ? I'm really sorry to hear about the late pay ~ hopefully the CU will cut you some slack on it. I think the fact that it is paid should help as well.

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IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.